Senior Living Dealbook: Inspirit, Venue Capital Combine; Next Level Retained As Carefree Living Manager  

Mergers

Inspirit, Venue Capital combine

Inspirit Senior Living and senior living investment firm Venue Capital announced they have strategically combined businesses.

The announcement formalizes a partnership that has been in place since 2018, according to a press release. The two companies “have collaborated on acquisitions, operations, capital formation, financing and asset management across a growing senior living portfolio.”

The combined platform encompasses 39 communities across 11 states.

Management

Next Level retained as manager of Carefree Living communities

Next Level Senior Living has been retained as the manager of Carefree Living’s portfolio after it was acquired by Oxford Capital.

The deal added 10 communities in Minnesota into Next Level’s management portfolio, according to Next Level Senior Living CEO Michael Manuel.

“They chose to partner with Next Level to kind of bring them to that, not to be funny, next level,” Manuel said. “Excellence is never a destination. It’s a goal.”

Transactions

Independent operator sells Detroit community

Evans Senior Investments announced its involvement in the sale of an independent living community located in a Detroit suburb.

The community has 126 units and “generated strong interest from qualified buyers across the country,” according to a press release.

The community was sold by an independent owner-operator looking to exit the industry, and it was acquired by a regional owner-operator expanding its Michigan footprint, the release states.

Financings

Machine Investment Group closes $350M fund

Machine Investment Group, a real estate investment platform, announced the close of Machine Real Estate Fund II.

The fund reached its $350 million hard cap in primary commitments and has raised an additional $120 million in co-investments to date, a press release states.

Investors included public and private pension funds, endowments, foundations, family offices and private investors, the release states. The platform “invests across all major property sectors, primarily in the middle market, and targets value-add, opportunistic, distressed and special situations across the capital structure,” according to the release.

Ziegler closes $51.8M financing for St. James Place of Baton Rouge

Ziegler announced the closes of a Series 2026 Bonds totaling $51.8 million for the benefit of St. James Place of Baton Rouge.

The community will use the proceeds to “refund the outstanding Series 2015A Bonds to achieve annual debt service savings; provide for the reimbursement of certain previously incurred capital expenditures; fund a debt service reserve fund; and to pay the costs of issuance,” according to a press release.

The community consists of 210 units and includes independent living, assisted living, memory care and skilled nursing units.  

Rogerson awarded $250,000

Rogerson Communities has received a $250,000 grant from the Ruby W. and LaVon P. Linn Foundation in support of its Rogerson House redevelopment project in Jamaica Plain.

The project is a six-story building with 66 memory care units and 41 independent living units, according to a press release.

“Affordable housing and memory care are two of the most pressing needs for older adults in the Commonwealth, and this project uniquely addresses both,” Rogerson President and CEO Walter Ramos said in the release. “Philanthropic institutions see the need for projects like Rogerson House as clearly as anyone, and play a critical role in bringing more care to more older adults. We are extremely excited and grateful to receive this award.”

McDowell Housing Partners closes financing, begins construction

McDowell Housing Partners announced it has closed the financing and begun construction on Ekos at Bayonet Point II.

The project is the second phase of a three-phase master planned community. The $38.9 million development will add 120 age-restricted apartments to the area, a press release states.

“We saw an acute need in Pasco County for new affordable senior housing, particularly on the west side of the county, where numerous deed-restricted senior communities are aging and hurricane-damaged, the HOAs offer little in the way of amenities, services or support for vulnerable seniors,” Christopher Shear, president of McDowell Housing Partners, said in the release.

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